Germany's Senator Entertainment Secures $10 million Credit From Israeli Bank
COLOGNE, Germany – German producer/distributor Senator Entertainment has secured a $10 million (€7.5 million) line of credit from the London branch of the Israeli bank LEUMI.
Senator CEO Helge Sasse says the multi-year loan will allow the Berlin-based group to bridge the financing gap between theatrical release of acquired titles and their exploitation on German free-TV.
The agreement follows two other deals aimed at stabilizing Senator's often shaky financial base: a deal with new financing fund PandA, which will guarantee P&A funding for some of Senator's riskier releases and an extension of Senator's lucrative DVD licensing deal with home entertainment group Universum Film.
Senator has gone through several strategic shifts in the past few years, from being a distributor of mainly cutting edge American indie films to focusing largely on home-grown German productions.
In its current incarnation, Senator is focusing on high-end art house with strong crossover potential. It's 2011 slate includes Oscar nominees The King's Speech and The Fighter as well as high profile German features If Not Us, Who? and Der ganz grosse Traum.